Archives for Industry News

Richard A. Huffman, CPA, MST Tax Partner   Victims of the most recent California storm now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. The IRS announced January 10, 2023 that Californian’s who reside in or have a business in the following counties will have until May 15, 2023 to file various federal individual and business tax returns and make tax payments: Colusa, El Dorado, Glenn, Humboldt, Los Angeles, Marin, Mariposa, Mendocino, Merced, Monterey, Napa, Orange, Placer, Riverside, Sacramento, San Bernardino, San Diego, San Joaquin, San Luis Obispo, San Mateo,
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Manny Trelles, CPA Tax Manager   Measure ULA (aka the “Homelessness and Housing Solutions Tax”) was recently approved by voters in the City of Los Angeles. The new transfer tax is set to start April 1st, 2023. The transfer tax applies to all real property asset classes in the City of Los Angeles as follows: Residential Property (examples include single-family home, multi-family homes, and apartment buildings) Commercial Property (examples include office buildings, restaurants, or a warehouse) Vacant Land Under the new tax, sales of residential and commercial real property valued at over $5 million but less than $10 million in
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Richard A. Huffman, CPA, MST Tax Partner   The 2017 Tax Cuts and Jobs Act was passed under the tax neutral reconciliation rules and included a significant amount of tax law changes that begin to adjust this year. Here are the details as follows: 2022 Tax Year Changes Research and Development costs Through 2021 research and development costs could be immediately deducted for tax purposes but starting in 2022 are now required to be capitalized and amortized over five years for research conducted within the United States or fifteen years for research conducted outside of the United States. Research and
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  On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of 2022 into law. The provisions included in the Act are intended to address the climate crisis, lowering prescription drug prices, and reduce the deficit – while being paid by several revenue raisers included in the bill. The Act has had undergone some amendments since first being announced late last month. The bill contains various income tax changes – the following is a summary of the final provisions that we feel will most likely impact you: Increased IRS Funding The Act calls for $80 billion to be
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On July 27, 2022, Senators Chuck Schumer and Joe Manchin announced an agreement to add the Inflation Reduction Act of 2022 to the current Budget Reconciliation bill – with a vote to be held this week. The bill includes several proposed revenue raisers and tax changes to fund initiatives aimed at lowering prescription drug prices, addressing the climate crisis, and reduce the deficit. Here is a summary of the proposed tax changes: Increased IRS Funding The Act calls for $80 billion to be invested in the IRS over the next ten years. With over 50% of this amount being appropriated
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Gregory Lambourne, Esq. Senior Planning Consultant   You may be aware that the tax code grants taxpayers a $16,000 annual exemption from gift and generation-skipping transfer (GST) taxes. That means you (and every other taxpayer you know) can gift any person(s) up to $16,000 per year gift and GST tax-free. Good financial planning and estate planning involves utilizing this annual exemption and the estate tax-free compounding such gifting can provide. What you may NOT realize is that you can also gift an UNLIMITED amount of tuition and medical expense payments gift and GST tax-free, so long as you make those
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By Jennifer Haddad, CPA Audit Partner, ERISA Plan Audits Audit Director   Every year, Wright Ford Young & Co. attends the annual AICPA & CIMA Employee Benefit Plans Conference. The multi-day conference includes a comprehensive lineup of sessions, delivered by top regulators and expert practitioners.  Sessions at the conference include topics such as the new Employee Benefit Plan audit standard (AU-C Section 703), common operational errors, a DOL and IRS regulatory update, and prohibited transactions. The information gathered from the conference does not just benefit us, as the auditors, but is also informative for the Plan Sponsors we work with.
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